U.K.-based Standard Life Aberdeen Plc confirmed the £3.24 billion sale of its insurance business to British insurer Phoenix Group Holdings as it reported full-year 2017 profit attributable to equity holders of the company of £699 million, up from £368 million in 2016.

The total consideration of the transaction includes £2.28 billion in cash and a 19.99% stake in Phoenix Group.

Standard Life Aberdeen added that it has commenced the search for a successor to Gerry Grimstone, who will step down as chairman by the end of 2019.

More details to follow.